Mongolian central bank buys record high precious metals
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E-mail Xinhua, January 2, 2021
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ULAN BATOR, Jan. 2 (Xinhua) -- The Mongolian central bank's purchase of precious metals hit an all-time high in 2020, the bank said Saturday.
The Bank of Mongolia purchased a total of 23 tons of precious metals, most of them gold, from legal entities and individuals in 2020, up 7.8 tons from the previous year.
Central banks across the world typically hold gold as part of their foreign exchange reserves for its historic long-term returns and high liquidity.
Mongolia's foreign exchange reserves peaked at 4.5 billion U.S. dollars at the end of 2020. The central bank aims to increase the reserves to at least 6.5 billion dollars in the medium term. Enditem
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